Boeing's quarterly plane deliveries fall to lowest levels in nearly three years

By Emily Bary

Airplane maker delivered 83 commercial aircraft in the first three months of the year, below the 130 it delivered in the same period a year earlier

Boeing Co. delivered 83 commercial airplanes in the first quarter, which was its lowest quarterly total in nearly three years.

The company's delivery numbers marked a steep decline from the 157 units it delivered in the fourth quarter and the 130 units it delivered in the first quarter of 2023. Boeing's latest quarterly total, disclosed on Tuesday, was its worst since the second quarter of 2021, when it delivered 79 airplanes, according to FactSet data.

Analysts tracked by FactSet were expecting 105 deliveries for the latest quarter, based on five estimates.

Read: Boeing CEO Dave Calhoun's pay climbed 45% last year

Shares of Boeing are falling 1.5% in midday action Tuesday. The stock is on track to log its seventh session in a row of declines, which would make for its longest losing streak since Sept. 13, 2023, when it declined for nine sessions consecutively, accordingly to Dow Jones Market Data.

The stock is down 31% so far this year.

Boeing's delivery performance for the first quarter comes as the aerospace company has been lowering its production rate in response to recent safety incidents. Chief Executive David Calhoun recently said he intends to step down from his role at the end of the year.

See also: Boeing CFO says cash flow to be hit by production delays

Rival Airbus SE (FR:AIR) also put out new figures, showing that it has delivered 142 units to 45 customers over the course of 2024 to date. That number was 127 for the same period in 2023. FactSet doesn't list a consensus expectation for Airbus deliveries.

Shares of the French aircraft manufacturer are down 3.4% in midday action.

Opinion: Boeing's CEO is departing, but the company's problems run far deeper

-Emily Bary

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04-09-24 1253ET

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